jan-2018

196 197 WORCESTER INVESTMENTS close tohome for the team: a$50millionredevelopment of aglass-cladbuildingknownas theFlashcube isunder- way,andwill soonbe the location of the firm’shomeof- fice.Thenine-storybuildingonMainStreet indowntown KansasCitywill becomeamulti-usesite featuring184 apartmentsalongside35,800square feetof commercial space,includinga rooftoprestaurant,first-floor coffee shop,andsharedofficespace.Aimingtobreakground in 2018,thebuildingwill become the firstglasscurtainwall building inKansasCity. Fromthebeginning,Worcester Investmentshasgrown byleapsandbounds.The family’s initial investment in 2006was thepurchaseof16residential units inSalem, Oregon.By2007,the threebrothers,Paul,Joel,and Jesse, sawopportunityinKansasCityandmoved.Fromthere, “westartedbuyingverysmall properties–duplexes, three-plexesandfour-plexes.Webought40of those in acoupleofyearsandthen in2009,weboughtour first bigproperty,”Paul recounts.Withinthreeyears,Worcester Investmentswasevolvingfromsimpleownershipto ownershipandpropertymanagement.As thecompany grewandcontinuedtoevolve,itbuilt acollectionof sub- sidiaries that complementoneanother andareowned andmanagedat thecorporate level.Itsbusinessportfolio nowincludespropertymanagement,acquisitions,private lending,investor relations,andconstructionanddevelop- ment. WorcesterInvestmentshasbeenplacedonthefastest themulti-familyindustry,Paul’sanswer is succinct: “Wewereunable to findsatisfactorypropertyman- agement,sowestartedourown.”Hecontinues to explainthatWorcester Investmentsbuilt itsbrand byprovidingsuperior service,andthat thekindof service it strives toprovide isbestprovidedthrough its teammembers. “Ournumberonepriorityis toattract anddevelop ateamofgrittyleadersthatfitourcultureandcanhelp us;andwecanhelpthemgrow,”heexplains.“Wetrust that,ifwedothat,thentheotherthingswillworkthem- selvesout.”Some140teammembersseemtoagree, livingandworkingunderthefirstWorcesterTeamCore ValueofTrueGrit:todotherightthing,whateverittakes. Analyzingthecompany’sTeamPurposeshows devotiontofamilyaswell.WorcesterInvestmentsstates plainlythatitspurposeis“Toloveourneighbor.”The teamdoesthisthroughinvestinginassets,developing itsleaders,andgrowingcommunities.Whileinvesting inassetscomesfirstintheequation,investmentinits membersisalsoparamount.AsPaulputsit,“firstwho andthenwhat,”meaning,“We’retryingtogrowand createaveryspecialcultureandwewantentrepreneur- ialpeoplewithapassionforhelpingothersliveintheir homes.” WorcesterInvestmentsisfocusedontheKansasCity area,withnocurrentplanstoextenditsreach.Infact,it’s partofwhatmakesthecompanyuniqueinitsmarket. AsPaulexplains,“Oneofourfivecorevaluesis‘Mastery andFocus.’Mostof our competitorsareeither larger thanus,withaprettybroadfocus,investing inre- tail,office,andmulti-familyinsome20markets,or they’resmaller thanusanddon’thave thecapacity tobuylikewedo.Wedifferentiateourselves fromour competition inthat allwedo ismulti-family–inone market.” Investing inoneasset inonemarkethaspaidoff for thecompany,asmore than75partnershave investedover$53million intovariousprojects andreceivedaggregate returnsof over30percent. Currently,Worcester Investmentsholds$250million inreal estateassetsundermanagement,withover $100million innewdevelopment currentlyongoing. Most recently,the firminvested inaproject that is